New Home Construction and Your Real Estate Agent
The allure of new home construction can be strong, particularly if you want to buy a house with everything sparkling and pristine. “You can imagine your furniture going in, how you’ll entertain friends and family,” says Chip Perschino, senior vice president of construction for Edward Andrew Homes. New homes also can be built with the latest energy-efficient materials, which could save you on utility bills.
However, new homes can cost more than existing ones. And if you’re shopping for a new construction home based on what you saw in a model home, it’s important to understand which features come standard and which are upgrades. That’s why it’s a good idea to have your own real estate agent with you, who can help you make the best choices for your lifestyle.
From Blueprint to Reality: A Comprehensive Guide to the New Home Construction Process
If you’re purchasing a new construction home, your agent should be present at all phases of the building process, from pouring the foundation to doing the final walkthrough. Your agent can also be an advocate for you, helping you negotiate prices, upgrades, and other terms with the builder and ensuring that any issues are addressed before closing.
Despite the challenges of higher mortgage rates and rising material costs, demand for new homes is still strong, with builders offering financial incentives to buyers in order to sell quickly. The lack of resale inventory has also helped fuel the market for new construction. “With fewer resale properties hitting the market, builders are able to offer competitive pricing and mortgage buydowns,” said Alicia Huey, chair of the National Association of Home Builders.